Baltimore—JLL’s Capital Markets experts have completed the sale of a portfolio of value-add apartment properties in Baltimore County, Md. King of Prussia, Pa.-based Morgan Properties purchased the six-building, 1,979-unit portfolio. JLL handled the sale on behalf of its client, Harbor Group International, based in Norfolk, Va.

Calling on its relationship with Freddie Mac as an approved conventional lender, JLL also provided Morgan Properties with $207.5 million in permanent acquisition financing.

“Our Mid-Atlantic Capital Markets team is not only knowledgeable about the greater Baltimore market, but is known for selling large properties and portfolios,” JLL Capital Markets managing director Christine Espenshade told MHN. “Being able to articulate the strengths of the location and the value-add potential for six different assets to potential investors was essential in finding the right buyer to achieve the seller’s goals.”

Espenshade and executive vice president Robert Garrish headed the JLL team on the sale. The firm’s financing team was shepherded by executive vice president Shawn McDonald and vice president Anthony Hebenstreit.

This was a rare chance for an investor to buy highly sought-after multifamily units as part of a large portfolio,” Espenshade said. “With no new apartment communities planned for the area, and significant growth in the employment base, Morgan Properties could create a lot of value through a capital improvements program.”

The portfolio was on the market during the recent presidential election and the subsequent increase in treasury rates, Espenshade added. “Some investors were unnerved about interest rates and loan terms, but the selected buyer was able to work with our financing team to secure attractive debt terms through Freddie Mac,” she said. “We worked hand in hand with the buyer and Freddie Mac to focus on the strength of the market, the quality of the assets and value-add potential to maximize loan proceeds and lead to a successful closing.”